When it comes to decentralized exchanges on the Mantle Network, one name stands above the rest: Merchant Moe. It has become the go-to DEX on Mantle, leading in both adoption and trading volume. But what has driven its growth, especially since the summer months of June and July 2025?
Growth Since June/July
Looking at the chart, Merchant Moe’s native token ($MOE) saw a prolonged downtrend through spring, followed by a significant reversal starting in late June and early July. Several factors explain this shift:
-
Mantle Ecosystem Momentum: Investors and builders are increasingly recognizing Mantle as a serious contender in the L2 race. With strong technical fundamentals and ecosystem growth, projects within Mantle benefit from this rising tide. Merchant Moe, being the leading DEX, is a direct beneficiary.
-
Partnerships & Integrations: The Bybit connection with Mantle has sparked massive interest. Bybit’s backing gives credibility, liquidity inflows, and visibility to Mantle-based protocols. Moe, as the #1 DEX, is one of the clearest winners.
-
Passive Income Opportunities: Merchant Moe offers staking and LP rewards, turning it into not just a trading venue but also a source of passive income. In a yield-hungry market, this attracts both long-term believers and opportunistic capital.
-
Perceived Undervaluation: Despite strong fundamentals, many traders see Merchant Moe as heavily undervalued compared to DEX leaders on other chains. This creates a narrative of “buying early” before the market fully wakes up to its potential.
Where Do We Go From Here?
The next chapters for Merchant Moe could include:
- Ecosystem Expansion: As more projects launch on Mantle, liquidity will naturally flow through Merchant Moe.
- Increased Volumes: With institutional and retail interest growing, daily trading volumes are poised to expand.
- Price Discovery: If Mantle continues its rise and Bybit keeps building the bridge, $MOE could reprice dramatically higher.
- Network Effects: The more users and liquidity providers join, the stronger Moe’s moat becomes—making it the Uniswap of Mantle.
Final Thoughts
Merchant Moe has proven its dominance on Mantle, but the story is far from over. With strong backers, real yield opportunities, and ecosystem growth, the upside potential remains significant. The surge since July may only be the beginning—especially if the broader market starts to recognize just how undervalued Merchant Moe still is.
The question is not whether Merchant Moe will grow, but how far and how fast.